Over 40 years’ heritage
185,800 clients worldwide
Over 15,000 markets

Technical analysis: key levels for gold and crude

Gold may well be building a base ahead of a move higher, while OPEC’s failure to agree a production freeze has left crude prices unfazed. 

Oil rig
Source: Bloomberg

Gold could move up to $1250

Gold has managed to steady its decline, hovering above $1200 in recent sessions. A close below here, and then below the next support at $1190, would open the trapdoor to fresh losses.   

However, if the price holds around its current level then we could see the beginning of an upward move, perhaps to $1250 in the first instance.

gold

Brent could find support at $46.50

Despite no agreement to cut production, the price continues to hold around $50. However, until we see a daily close above $50.90 bullish momentum will still be absent.

A push lower would head towards support at $46.50.

brent

WTI bulls eye close above $50

The price recovered off the lows yesterday, and remains within the $2 range seen since mid-May.

Bulls still need a close above $50 for WTI, while bearish momentum looks hard to come by unless the price moves below $46. 

wti

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.